I want to alert you all to a new issue for those that are non-pro market data eligible. When you open an individual account at any US broker avoid using a business email address, Avoid using language on social media that reflects you being a professional. The New York Stock Exchange has taken the position that if your market data is based from a business email or if you put yourself out as a professional trader or professional investor that you lose the non-pro market data exemption. On new accounts and on review of existing accounts the New York Stock Exchange has been picking up these items. Just a heads up. And, if you used to work at a proprietary trading firm or any regulated broker-dealer, make sure you update your LinkedIn profile to reflect that you’re no longer there after you leave.
You have to provide your job description when you open an account. Up until now you could choose "home trader" and pay non-pro market data. Hopefully that will not change.
It says something about how important this revenue stream is to them that they're going to the lengths of looking up LinkedIn profiles to "catch" people! I wonder how much that operation costs and of course we all know who's paying for it.
Yes. Where I live now( Spain), you pay less taxes if you are incorporated than if you are an autonomo( independent ) in your own name. I am a member of NYMEX so I pay pro fees no matter what.
Just an update on this. I know a guy in France who simply couldn't find a commercial bank to create an LLC type structure for his trading. He allegedly did them all . This is getting ugly. When you are about to relocate abroad and you know you will create a "company" for your trading, make sure to shop a commercial bank there first...This is no joke.
They are happy to open an account if it's an actual operating company. I've had no problem with setting up accounts in several countries (although not France) although I've never had a commercial bank ask me how much I planned to have on deposit as an opening criteria, have you? It actually doesn't even make sense to do so; I have some accounts I make several thousand direct deposit payments out of that earn the bank a ton in fees but never have more than a couple million dollars in them at most and then only for a few days, where as if I put $5M in a savings account they'd only make a small delta on that vs their borrow rate which would be a fraction of the fee revenue. They did want to see contracts with my customers in country, and presumably it would have been more difficult if I didn't have those available to show them.
I guess you are talking about companies with other economic activities than just trading, and trading with brokers that are not branches of the commercial bank in question. I use my commercial bank only to wire in/out of brokers, pay salaries/dividends, accountant, travels and other expenses...